JSW Energy, the flagship power generating company of Sajjan Jindal, is set to acquire a 1,000 MW Jindal Power plant for about Rs 6,000 crore, two person’s familiar with the matter told ET.
“The broad contours of the deal have been almost finalised and it is likely to be announced shortly,” one of these persons said. Jindal Power Ltd (JPL) is owned by Jindal Steel & Power Ltd (JSPL), the flagship company of Sajjan’s younger brother Naveen Jindal. Cash-crunch due to the downturn in steel prices and burgeoning debt have forced JSPL to shed assets. “As per company policy, we do not respond to speculations. As part of monetisation plans already advised, JSPL is looking at various options diligently to strengthen our balance sheets,” a JSPL spokesperson said. A JSW Energy spokesperson, however, declined to comment.